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Perspective
08 April 2020

Covid-19 Export Finance Survey 2020: Help us, to help you

Head of Research Projects
TXF is sounding out bankers and borrowers, importers and exporters, for its Export Finance survey 2020, to garner market sentiment on the real impact of the Covid-19 crisis on ECA finance.

Export credit agencies (ECAs) are rolling out new tools and making concessions to exporters and importers caught off guard by the Covid-19 crisis, as they look to keep the world of trade spinning.

With supply chains interrupted and many large-scale projects under construction halted globally, ECAs and private insurers are facing paying out an unprecedented amount of claims as financially over-leveraged borrowers default on trade and export loans as project/shipping costs overrun.

This got TXF thinking. To date, there is no independent, in-depth look at the pandemic’s impact on regions, sectors, pricing, and the hot topic of the moment – force majeure. Combined with the huge interest we have had from the market to produce a more detailed survey on the impact of Covid-19 on the export finance industry, TXF Research has answered the call.

Take the short 5 minute survey here

TXF has been around for seven years and I can safely say that this is the most important survey we have produced. Keeping trade flowing is paramount to the health of the global economy, and therefore it is vital that those active in the industry have the most up-to-date information.

TXF understands just as well as anyone how damaging Covid-19 has been, and will continue to be for some time, but by taking this survey, you are helping us to help you.

All of the data collected in this survey will be in the final Export Finance Industry Report, as well as our other media platforms so you will all benefit from the insights we produce.

If you have any questions about the research, please feel free to get in touch directly with me.

We recently sent out seven short questions to canvas the views of the market to reveal how the Covid-19 pandemic will impact the export finance industry, especially in terms of pricing. Please click here to see the survey’s findings – so far.


Now time to get up to speed on the markets.
Here's
 our exclusive TXF in depth articles

Podcast: BPL Global on the impact of Covid-19 on CPRI
TXF spoke with James Esdaile, managing director at BPL Global, to discuss the significant exposure private insurers have to short-term trade credit and supply chain finance risk amid the Covid-19 crisis. As ECAs re-enter the private market as concerns grow over the sector being under strain, will the pandemic change the dynamic of the CPRI market? And how will the private sector look in the wake of coronavirus?


Exclusive TXF Tracker and Originals content

IEnova signs DFI-backed loan for Mexican solar portfolio
On 26 March IEnova, Sempra Energy’s Mexican subsidiary, signed on a $395 million DFI-backed loan to finance a 376MW solar portfolio in Mexico – comprising the 125MW Don Diego project and the 119MW Prima project in Sonora, the 41MW Rumorosa project in Baja California, and the 100MW Tepezala project in Aguascalientes.

Pricing emerges on Ishinomaki Hibarino biomass project
Sponsors of the 74.95MW Ishinomaki Hibaniro biomass power project in Japan – Renova - 38%, Tokyo Gas Company - 34%, United Purpose Management - 15% and Mizuho Leasing Company - 13% – reached financial close on the funds to back the scheme on 24 March.

Cocobod closes $600m loan after one month delay
Cocobod has closed its $600 million receivables-backed term loan this month, slightly behind its originally forecast close date in February. First drawdown is pending for April.

KPMG promotes Somani to Asia-Pacific head of infrastructure
Sharad Somani has been promoted to Asia-Pacific head of infrastructure at KPMG, where he has worked for over fifteen years.

CTL closes on first non-recourse transmission deal in Cambodia
Cambodia Transmission Limited (CTL) has closed the first non-recourse debt facility for a transmission line in Cambodia.

Sunco's Manzanares PV bridging loan in syndication
Syndication is in progress on a €53 million ($57.9 million) deal to finance Sunco Energy’s 83 MW solar PV portfolio in Manzanares, Real, Spain.

Yanbu 4 IWP mandates banks
Following the signing of a 25-year water purchase agreement (WPA) with Saudi Water Partnership Company (SWPC) for the Yanbu 4 IWP project on 28 February, project sponsors Engie and Mowah have mandated five financial institutions on a $480 million financing to back the scheme.

Salamanca gas-fired plant tender pushed back
The tender for the Salamanca 850MW combined-cycle gas turbine (CCGT) power project in Mexico has been delayed amid the Covid-19 pandemic, according to a source close to the process.

Evraz closes $750 million term loan
Russian steel, mining and vanadium producer Evraz has closed a five-year $750 million unsecured term loan. Signed on 18 March, the deal was led by MLAs UniCredit (also facility agent), Intesa, Crdit Agricole, Credit Suisse, ING and Mizuho, with Societe Generale, Citi and Deutsche Bank joining as arrangers.

Ma'aden appoints new CEO
Mosaed Al-Ohali has been appointed CEO of Saudi Arabian mining company Ma’aden.

RFQs for Tulu Moye geothermal project due mid-May
TM Geothermal Operations (TMGO) – a 50/50 joint venture between Reykjavik Geothermal and Meridiam Infrastructure Africa Fund – invited requests for pre-qualification (RFQs) to EPC contractors last month for the DFI-backed 150MW first phase of the $2.2 billion 300MW Tulu Moye geothermal project in Ethiopia's eastern Rift Valley.

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